Real estatePosted Date: 2018-03-15
The real estate sector is showing signs of revival after a period of slowdown, Vice President M Venkaiah Naidu today said but expressed concern over high prices of land parcels especially in smaller citie On high land price, Naidu said he wondered prices of land in Vijaywada and other places, are equivalent to New York and Washington. (PTI) The real estate sector is showing signs of revival after a period of slowdown, Vice President M Venkaiah Naidu today said but expressed concern over high prices of land parcels especially in smaller cities. Addressing realtors’ body CREDAI annual conclave, he asked the association to adopt self code of conduct for members and keep distance from defaulting and fly-by-night operators. “After a period of slowdown in the market, the realty sector market is once again showing signs of revival, which is good for the economy,” he said. The construction and real estate sector plays a vital role as it is the second largest job provider after agriculture, he added. Naidu hoped that the CREDAI is well geared to implement the best practices as required in the new real estate law RERA (Real Estate Regulatory Authority). Referring to the court cases filed by home buyers against builders, Naidu said there is a need for regulator but regulations should not become strangulations. “If there is no regulation, then you have more and more Vijay Mallya’s, you have Nirav Modi’s…..,” the vice president said, adding that this realty law was passed during his stint as Minister of Urban Development. The law, which came into effect from May last year, seeks to bring much-needed transparency in the property sector. On high land price, Naidu said he wondered prices of land in Vijaywada and other places, are equivalent to New York and Washington.The cost of housing units is going up because of land, he said. Stating that land parcels are largely held by middle men, Naidu said, “there is a need for price correction” and “reality has to come in the real estate sector”. He also expressed concern over massive housing shortage of 19 million units currently, estimated to double at 38 million units by 2030. Highlighting steps taken by the government to boost affordable housing, the vice president said this segment will drive the real estate sector in coming months. Naidu said the private players have a great role to play in providing homes to people. The delay in clearance for housing projects should be addressed by local bodies, he said, adding that there should not be obstruction in development in the name of environment. Earlier, CREDAI President Jaxay Shah highlighted that initiatives taken by the association towards skill development of construction workers and waste management as well as environment protection. He also informed that member developers have taken up affordable housing projects in a big way.Read More
Big plans for Jewar AirportPosted Date: 2018-03-01
Jewar international airport will have at least runways equipped with modern facilities, including a flying and training institute, and cargo and aircraft Maintenance Repair and Overhaul system.
The announcement was made on concluding day of Investors’ Summit on 22 Feb 2018.Jewar airport is perceived as one of the key projects to ease air traffic at IGI airport Delhi. Union aviation minister Ashok Gajpathi Raju said the Jewar airport has to be developed within six years.Read More
Centre aims to develop Noida- Greater Noida a second SingaporePosted Date: 2018-03-01
Speaking at the UP investor Summit, Union electronics and IT minister Ravi Shankar Prasad said “We can make Noida and Greater Noida a Singapore
like place where skilling, electronic manufacturing, education, management and global conferences can all take place together. The development of Noida & Greater Noida will percolate to the entire state” Noida & Greater Noida have huge potential for electronic manufacturing and education. There are convention Centres, skilling centres and new airport coming up in the area.Read More
Jewar airport to have 80m passengers by 2022Posted Date: 2018-02-16
Price WaterhouseCoopers (PWC),the agency tasked with preparing the techno-economic feasibility report (TEFR) for the sanctioned international airport at Jewar, has projected that the airports in Delhi & Jewar will cater to over300 million passengers annually by 2050.
In the first phase, the Jewar airport will have two runways and will cater to the passengers count of 80 million when it is likely to get operational by 2022-23 two years before the IGIA reaches its threshold traffic handling capacity, PWC says.According to TEFR Jewar will have two additional runways in the second phase which will further increase its traffic handling capacity.Spread over 5,000 hectares with four runways, the sanctioned international airport at Jewar being built as “India’s Biggest”. Official said the authority had enough land along the Yamuna Expressway and the airport could be expanded if needed, depending on the traffic of passengers.Read More
Jewar airport construction to start in December 2018Posted Date: 2018-02-15
The construction work on Jewar airport in Greater Noida will commence in December next year earlier than Uttar Pradesh Governments schedule plan and well ahead of 2019 Lok Sabha elections.
In line with the advanced target Yamuna Expressway Industrial Development Authority (YEIDA) on Friday selected professional services firm to prepare economic feasibility report for the proposed airport.Read More
NRI City homebuyers allege Noida authority issued OC for incomplete projectPosted Date: 2018-02-15
Homebuyers in NRI City housing society in Sector 45 on Tuesday demanded an investigation into the issuance of occupancy certificate for their complex
Homebuyers said they have been living in a building that does not have an NOC from the fire and other departments. The builder had applied for an OC with the authority on April 21, 2014.Homebuyers in NRI City housing society in Sector 45 on Tuesday demanded an investigation into the issuance of occupancy certificate for their complex.They questioned how the Noida authority on May 31, 2016, had issued an occupancy certificate to the complex that is yet to have adequate facilities. Homebuyers alleged that the complex, which has nine towers, is yet to have fire systems in place, functional lifts, completed play zone, functional clubhouse or completed towers.Read More
Metro Rail Projects Need Environmental Clearance: NGTPosted Date: 2016-06-05
The National Green Tribunal on June 1 held that all metro rail projects need environmental clearance after conducting proper Environment impact Assessment.
The National Green Tribunal on June 1 held that all metro rail projects need environmental clearance after conducting proper Environment impact Assessment. A bench headed by NGT chairperson justice Swatanter Kumar said Noida Metro Rail, Whose construction was challenged in the plea before it, fell under schedule 8(b) of Environment Impact Assessment Notification, 2006, relating to buildings, construction and development projects which are mandated to get prior environmental clearance. The green panel also directed upcoming Noida-Greater Noida Metro project to obtain environmental clearance from State Level Environment Impact Assessment Authority (SEIAA).Read More
Better connectivity to boost housing in NoidaPosted Date: 2016-05-11
Metro connectivity in all real estate markets positively affects both residential and commercial stock as commuting gets easier and valuations improve.
Metro connectivity in all real estate markets positively affects both residential and commercial stock as commuting gets easier and valuations improve. However, prices are likely to be less in saturated areas and more in new markets where habitation is yet to settle and connectivity expected to improve .Driving along Noida City Centre towards Sector 50 and further down to Sectors 78 and 79, you can see construction activity in full swing. While there are thousands of apartments already habited, some are still under construction. While Sectors 50, 52 and 53 are considered high-end with prices ranging from Rs 8,000 per sq ft to Rs 12,000 per sq ft, most projects located in Sectors 75, 78 and 79 where construction of the Metro is in full swing, are affordable with price points ranging between Rs 4,500 per sq ft to Rs 5,500 per sq ft. If one takes a turn towards the Noida Expressway through Baghel Road, the first metro station expected to come up after Sector 82 is the one in Sector 137. It is surrounded by over a dozen projects and as many as 25,000 housing units. Many people have already moved into these projects. The Faridabad, Noida, Ghaziabad road (currently under construction) intersection is also close to this area and is expected to cut down driving time to Faridabad by 25 minutes.These projects are flanked by two commercial projects along the expressway where some companies have already moved in. Further down the road in Sector 143 are some 10,000 housing units by renowned developers. Sector 150 on the right side of the expressway has several projects under construction and about 10,000 units are expected to come up here. Several realty brands currently active in Gurgaon are also likely to launch projects in this sector in the coming months. The prevailing price in this sector is around Rs 4,000 per sq ft to Rs 5,000 per sq ft. Since sports facilities are also coming up here, this area is likely to be developed as a low-density sector. Also, while the floor area ratio (FAR, which allows more space to build on) in Sectors 75, 78 and 79 is around 4, it’s 1.75 in this sector).Metro stations to come up close to this sector are 146, 148 and 154, which, along with sectors 156 and 157, had been reserved for SEZs under the Noida Master Plan. Currently there is no habitation in these sectors and the stations are being built for future use. Further down is sector 168 where around 6,000 units are under construction. It’s likely that the authorities have decided to plan the entire Metro route now because of the long-term benefits involved as construction costs will be higher 10 years from now. Building a station on an operational route also has its added hassles. City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) had developed Navi Mumbai and Vashi similarly. When the suburban areas wereplanned 20 years ago with virtually nil occupation. An established network helps in marketing both the sectors and projects better. Areas also command a premium as they are better connected, says Vivek Dahiya founder and CEO, GenReal Advisers.Getting infrastructure in place first also makes affordable housing successful as outskirts of cities get connected. “Here the main objective is to connect Noida and Greater Noida and to do it in one shot. In my opinion this is a good move,” he says.The 22-km Noida-Greater Noida Expressway is the road link between the two cities. A 30-km Metro stretch is now under construction that is expected to link Sectors 50, 75, 78, 79 and most sectors along the expressway with Greater Noida.Once the Metro is operational, says Anckur Srivasttava of GenReal Advisers, “this stretch will be a preferred corridor for live, work and play. It offers exciting residential options in the range of Rs 4,500 to Rs 5,000 per sq ft. Prices are expected to remain stable for some time to come as there is oversupply in this market.”In areas, however, where social infrastructure is in place and people have moved in and some offices have opened, there is room for appreciation in the range of 5% to 10%,” he says.Shveta Jain, managing director, Residential Services, Cushman & Wakefield, India, says a lot of supply is likely to be created along this stretch in the next three to four years. These are the affordable pockets of Noida (unlike Sector 93 and Jaypee Township). Enough pent-up demand also exists over here for housing in the range of Rs 4,500 per sq ft to Rs 5,000 per sq ft. Supply is available over here for anything between Rs 50 lakh and Rs 1.5 crore.Also, the housing supply expected to come up in these sectors will be staggered and will not come in at one go. This will ensure that consistent demand exists for the next few years.“Metro connectivity will definitely augment habitation in these locations. New launches are expected in this sector, especially by brands going,” she says.Read More
NCR's Twin HotspotsPosted Date: 2016-03-06
While being a significant part of the NCR, Noida has continued to showcase its brilliance and prominence through various aspects. Noida, Greater Noida and Greater Noida West
While being a significant part of the NCR, Noida has continued to showcase its brilliance and prominence through various aspects. Noida, Greater Noida and Greater Noida West have emerged as strong real estate destinations in NCR, not only for the affordable and mid-segment homes, but even for luxury housing, with some world-class housing option available for the luxury buyers. With improves infrastructure, amenities and connectivity, there is no doubt that Noida-Greater Noida have emerged as the most attractive areas for both, end-users and investors. Talking about the same, Dr. Anil Kumar Sharma, CMD, Amrapali Group, says, “Connectivity is the biggest pull for any type of buyer to invest in a particular real estate project, zone or city.Noida and Greater Noida are blessed with fabulous connectivity options in the form of Yamuna Expressway and the proposed Metro, for which work is underway. Other than that, the zone also has self-sustainable economy in the form of small-medium businesses which can provide for the daily need for a good living.” Speaking about how competitive pricing has helped Noida and Greater Noida grow as attractive options for investors, RK Arora, chairman, Supertech Ltd. Says. “In comparison with the highly-competitive price in Delhi-NCR, the real estate in Noida and Greater Noida has emerged as a pleasant relief to the investors to make a purchase. If are planning for their dream homes in the NCR, these two cities offer comfort and super luxurious residential housing option at affordable stating price. Another reason that will help Noida grow as good investment option is that the prime sectors of Noida are within the reach of the Metro Stations and the housing projects have excellent connectivity to medical facilities, retail outlets and schools. Noida is also centrally located in NCR and the presence of DND, Noida-Greater Noida Expressway and FNG Expressway guarantee proper accessibility of Noida from other part of the NCR.” With the most factors favoring these two cities, Noida and Greater Noida are being looked up as destination with great investment potential in coming time, and it is expected that soon, investors will be making a beeline to get a suitable deal in these cities.Read More
NOIDA CLEARES AIR, SAYS NO HOUSE TAX PLANPosted Date: 2016-02-28
As residents welfare association (RWAs) in Noida declared war on a purported proposal to start a house tax, the Noida Authority cleared the air on February 23,
As residents welfare association (RWAs) in Noida declared war on a purported proposal to start a house tax, the Noida Authority cleared the air on February 23, saying there was no such plan and the lease rent being paid by house owners would continue to be the only levy on them. The clarification came as the RWA federation started protesting after reports that a house tax would be charged in Noida. They also wrote to Noida Authority CEO Rama Raman. Raman also denied any such plan. In a section of the media, it was reported that Raman had announced the house tax at a conclave last week as a measure to generate funds for development.Hot Properties - Affordable homes . 2 Year Assured Rentel. Pay 5% Rest On Hand OverRead More
Key projects may get mega push in Noida budgetPosted Date: 2016-02-28
The three development authorities of Gautam Budh Nagar - Noida, Greater Noida and Yamuna - are getting ready to table their annual budgets on March 2.
The three development authorities of Gautam Budh Nagar - Noida, Greater Noida and Yamuna - are getting ready to table their annual budgets on March 2. According to sources, almost Rs 20,000 crore will be allocated to the three areas for the next financial year. While Noida is likely to put aside about Rs 9,000 crore for financial year 2016-17, Greater Noida is likely to spend Rs 7,000 crore, while Yamuna Expressway Industrial Development Authority (YEIDA) is expected to table a budget of over Rs 4,000 crore. The three authorities are also likely to expedite several key infrastructure projects in 2016. The three authorities are likely to allocate a large chunk of their budget for various development projects. Next on the priority list would be land acquisition and compensation for farmers. All three authorities hope to develop their respective areas as major infrastructure hubs, on a par with major Indian cities. According to sources, Noida Authority is likely to allocate almost 50% of the budget to various development projects. Besides Metro connectivity, the authority will spend about Rs 5,000 crore on projects like construction of elevated roads, flyovers and underpasses to circumvent traffic bottlenecks in the city, as well as construction of major link roads between Noida and Delhi. The sum will also be used to provide basic services like healthcare, power, water, transport and a riverfront corridor along the Hindon to contain land encroachment. A large sum is also expected to be kept aside for city maintenance and to enhance security. Sources said Noida Authority had, till December last year, spent about 50% of its 2015-16 budget. The balance will be revised and added to the fiscal year 2016-17. In Greater Noida, while a portion of the budget, about Rs 3,500-4,000 crore will be allocated for land acquisition and compensation to farmers, the rest will be set aside for infrastructure projects including Metro. YEIDA is expected to allocate a lower budget than last year, which was Rs 6,229 crore. For the next financial year, it has set about Rs 4,000 crore as its budget. While farmer compensation will lead this year's budget with almost Rs 1,500 crore, the authority also plans to put aside about Rs 1,000 crore for infrastructure development. Other expenses budgeted include Samajwadi Awas Yojna, horticulture, rural development, etc.Read More
Trial run of Noida- Greater Noida MetroPosted Date: 2018-02-15
The trial run of Noida – Greater Noida metro commenced on January 02,2018 with Delhi Metro Rail Corporation Managing Director Mangu Singh flagging off the ambitious project to link the twin cities by rail.
Initially the metro will run between Greater Noida depot to Knowledge Park 2metro Station a stretch of around 6 Km, after tests and clearance, according to official release.The total length of this metro link is 29.07 km and is called the Noida-Greater Noida Metro Rail corridor. It has 21 metro stations, with Noida Sector 71 in Noida and Delta Depot Station in Greater Noida being the two terminus stations, the release stated.Read More
Homebuyers affordable targetPosted Date: 2016-10-23
Greater Noida has emerged as a destination of choice for a majority of people looking out for their own home. Greater Noida is a place which offers a good mix of under- construction and ready to move-in properties.
Greater Noida has emerged as a destination of choice for a majority of people looking out for their own home Greater Noida is a place which offers a good mix of under- construction and ready to move-in properties. Amidst the high unsold inventory and weak market condition, Greater Noida still outshines other parts of NCR. Greater Noida is known for its number of established and forthcoming sectors. Entire Greater Noida has been a tremendous growth over the years. Ahead of Pari Chawk, the city is sub- divided into residential and commercial sectors, such as Alpha,Beta,Gamma,Delta,Pi,Chi-V,Eta,Sigma,Mu,Omega,Omicron and Zeta. Owing to growing inventory of unsold units, of late the resale market in Greater Noida has seen some correction. Against this, the primary segment of Greater Noida has seen much movement in prices which is a good opportunity for the potential buyers to buy a house here. In 2013, I bought a flat of 1,225 square feet in Greater Noida west for c45.56 lakh. I will get the possession of the flat in 2017, but the value of the flat has already been touched ₹ 60 lakh. I knew that this area will grow by leaps & bounds. This is one of the fast growing areas of NCR, says Harpreet, who is living in a rented apartment in South Delhi now. Greater Noida offers properties ranging from ₹ 2,602 and ₹ 4,000 per sq.ft. on an average,with a few developed sectors having properties on the higher side of this range. Sandesh Singh bought a home in Greater Noida three years back. He says,” when I bought a flat here three years ago the price were really low. There has been a handsome growth in the rates even at the time when the market has not been that good. I am expecting even better returns in the days to come as the metro connectivity will reach here.” Greater Noida’s residential sectors have all the necessary amenities in place. Also, the roads here are wide and are in good condition. The ongoing expansion of the metro rail connecting Noida City Centre with Greater Noida, via Greater Noida West will give the reality market a big boast in times to come. Times of IndiaRead More
Mission PossessionPosted Date: 2016-09-18
Reality majors like Supertech, Amrapali, JP Group, Gaursons, Arihant, Antriksh India, Exotica housing,Gulshan Homz,Ajnara India, Logix,amomg others, are working to deliver around 45,000 housing units in Noida & Greater Noida by the end of March,2017.
Reality majors like Supertech, Amrapali, JP Group, Gaursons, Arihant, Antriksh India, Exotica housing,Gulshan Homz,Ajnara India, Logix,amomg others, are working to deliver around 45,000 housing units in Noida & Greater Noida by the end of March,2017. According to Credai, western UP chapter, developers in Noida & Greater Noida west ( formerly Noida Extension), region will give possession of nearly 45000 houses by the end of this financial year, so as to address the current saga interminable delays in residential project to an extent. Deepak Kumar, president of Credai, Western UP said: “According to our data base, while 25,070 units have been delivered in this financial year so far, nearly 45,000 flats are slated for delivery in this region by the end of March, 2017. Once all these units are delivered, nearly 1 lakh people are expected to move to the Noida and Greater Noida region by next year.” Supertech Ltd. which has delivered 16,000 units over the past two years, plans to deliver another 12,000 units in different pockets of Noida-Greater Noida region by March,2017. With the projects worth Rs.50,000 crore in progress, Supertech has more than 80,000 units under development. R K Arora, chairman of Supertech Ltd. said: “ We are working on PM Narendra Modi’s dream of “ Housing for all by 2022”.We are adhering to tight delivery schedules accomplish this task and have tied up with the world’s best names in the field of architecture, design and technology for timely completion of our projects with a focus on quality.” Amrapali Group has delivered 960 housing units, which are spread over its various projects like Silicon city, Princely Estate, Sapphire Court, Platinum, Titanium, and leisure Valley located in Noida and Greater Noida, in the last two month; earlier, the group offered 5,244 units for possession from the same projects, a spokesman of the firm said. The MD of Gaursons, all of whose projects are running on time, said that the company has given possession of around 6,000 apartments in its marquee projects, Gaur City, in the last six month and that they will deliver another 4,000 units in the next couple of months in the same project. Antriksh India Group has delivered over 3,900 units in Antriksh Golf View 2,etc. in past one year and plans to deliver over 4,000 units over the next one year. Arihant group has delivered 1,050 flats in its Arihant Arden under phase 1 and 2 of the project located in sector 10, Greater Noida West. Gulshan Homz has offered possession in two of its projects, Gulshan Vivante and Gulshan Ikebana, along Noida Expressway. Ajnara India Ltd. has delivered over 2000 units in Ajnara Daffodil and Ajnara Homes, over the past two three months and plans to deliver another 5000 units in the next3-6 months. In Gurgaon, too,reputed developers like DLF, Emaar MGF, Bestech,Chintels, Raheja developers, ATS, Tulip Group, Orris Group, Vatika,MAPSKO,etc. have put their project delivery on mission mode. Team Times PropertyRead More
Proposed Jewar airport gets NOC from defence ministryPosted Date: 2016-08-28
The path is clearing for the development of an international airport at Jewar, near Greater Noida with the ministry of defence recently giving a NOC to the proposal.
The path is clearing for the development of an international airport at Jewar, near Greater Noida with the ministry of defence recently giving a NOC to the proposal. The much-awaited Jewar International airport has taken another step to an eventual sanction with the union defence ministry sending in a no objection certificate to this proposal from the centre and UP government. An airport at Jewar will benefit the real estate sector of Noida & Greater Noida enormously, especially at a time when the real estate has taken a hit due to the economic slowdown over the years. The development of infrastructure in the form of a new airport will greatly help in reviving demand key regions here. This development holds great significance as there is now greater clarity over this proposal, which was in the works for more than 15 years now. History is witness to how infrastructure and connectivity helps a region grow and transform the socio economic profile of the area.Read More
More agencies roped in to audit G Noida projectsPosted Date: 2016-07-16
The Greater Noida Authority has decided to allow external agencies to monitor residential and commercial realty projects in the city. Earlier on June 24, the Authority had allowed only IIT and NBCI to conduct a floor-wise audit
The Greater Noida Authority has decided to allow external agencies to monitor residential and commercial realty projects in the city. Earlier on June 24, the Authority had allowed only Indian Institute of technology (IIT) and National Building Code of India (NBCI) to conduct a floor-wise audit of an under-construction group housing building. “Now after suggestions from builders we have decided to add more external agencies (other than IIT and NBCI) to the list allowed to carry out audit of under-construction towers. We agree with the suggestion by builders that two agencies do not have the bandwidth to deal with the bulk of buildings in Greater Noida,” says Deepak Aggarwal, chief executive officer (CEO) of the Greater Noida Authority. The move will ensure that builders do not deviate from sanctioned building plans during construction. Builders have so far objected to floor-wise audits because they fear that the move will delay construction and projects will not completed within time. According to officials, floor0wise inspection or audit of a building generally takes about one or two months. This means that a 24-storey tower will take up to 24 months or more for the entire process. “We will not allow a floor-wise inspection of a building because it will delay a project as the process of audit and sub mission of report takes time. Therefore, we have decided to first get the foundation of a building inspected by an external agency. And then audit 20% construction of building. What this means is that after the building foundation is inspected, the external agency will audit the building after 20% work is completed,” says Aggarwal. Officials calm that builders usually make maximum changes after the foundation of the building is ready. “Audit of a building foundation is a must because that is the time when a builder tries to tamper with the plinth area allowed under the sanctioned plan, “says PC Gupta, additional chief executive officer of the Greater Noida Authority. Builders usually utilize green spaces and other public spaces to construct more housing units and increase there revenue. “I do not think eternal agency monitoring will help until stern action is taken by the Authority. If builders feared the Authority they would not have dared tamper with the layouts,” says Shashank Mishra, a home buyer.Read More
Godrej Properties enters Greater Noida market with 100 acre projectPosted Date: 2016-06-25
Realty firm Godrej Properties has partnered with AR Landcraft to develop 100 acre township project in Greater Noida. The Mumbai-based developer has partnered with AR Landcraft LLP to develop a 100 acre project in the city, it added.
Realty firm Godrej Properties has partnered with AR Landcraft to develop 100 acre township project in Greater Noida. The Mumbai-based developer has partnered with AR Landcraft LLP to develop a 100 acre project in the city, it added. Godrej Properties, the real estate arm of the Godrej Group, plans to develop a golf centric township on this land parcel with a saleable area of about 4 million sq ft. This is company's first project in Greater Noida and seventh within the National Capital Region (NCR). "Greater Noida is an important part of the NCR market and this project addition fits well with our strategy of deepening our presence across the country's leading real estate markets," company's MD and CEO Pirojsha Godrej said. In January, Godrej Properties had announced its entry into the Noida real estate market in tie up with a local developer Lotus Greens. The company would develop a housing project spread over 36 acres with a saleable area of 4 million sq ft. At present, Godrej Properties is developing residential, commercial and township projects spread across about 119 million sq ft in 12 cities.Read More
Greater Noida authority offers parks for adoptionPosted Date: 2016-06-19
The Greater Noida authority has come up with a policy under which an NGO, educational institute, a social group or agency can adopt city parks for maintenance.
The Greater Noida authority has come up with a policy under which an NGO, educational institute, a social group or agency can adopt city parks for maintenance. The policy aims to ensure that parks are maintained without spending public money on them and encourage social groups to participate in governance. “Any social group, educational institute, resident’ welfare association or NGO can adopt a city park for three years and spend money from their pockets on maintenance. However, we will not allow an individual to adopt a park. The interested group can recover maintenance fee through advertising on the space outside the park,” said Anand Mohan Singh, director horticulture of the Greater Noida authority. “Social groups, corporate houses or NGOs should come forth to help the government in developing community parks. It will save a lot of public fund and inspire the general public to be a part of park maintenance. A government agency alone cannot ensure clean parks. Resident will have to come forth to support us and park adoption is a way to work together,” Singh said. Greater Noida city is spread across 40,000 hectares and has a total of 400 parks. The space along city roads is developed as green belts. “We are ready to allow adoption of green belts too if any group is interested. Once we receive an application for adoption, the authority team will decide whether the interested party is eligible to make an adoption or not. The authority will ensure the parks and green belt are maintained properly,” said a Greater Noida authority official. The Noida authority in 2013 had come up with the adoption scheme for city parks. However, RWAs and NGOs did not show any interest in the scheme. In Noida, the agency that adopts a park is not allowed to use space for advertising to recover maintenance cost. “We want that the agency that adopts a park to be ready to bear the cost of maintenance. As of now, three realtors adopted three Noida parks. No RWA or NGO has adopted a park,” said Omvir Singh, director horticulture of the Noida authority.Read More
Ramps at Jewar and Bajna to decongest Yamuna e wayPosted Date: 2016-06-11
The Yamuna Expressway Industrial development authority (YEIDA) has decided to construct ramps near two congested stretches on the highway. The move is aimed at streamlining traffic on the six-lane 165-km-long expressway.
The Yamuna Expressway Industrial development authority (YEIDA) has decided to construct ramps near two congested stretches on the highway. The move is aimed at streamlining traffic on the six-lane 165-km-long expressway. The authority will construct a ramp for exit and entry at jewar, located 36 km from the zero of the Yamuna Expressway that connects Greater Noida with Agra. Another ramp will be built at Mathura’s Bajna, located around 100 km from Greater Noida. The decision to construct the ramps was taken by the authority at its board meeting on Thursday. Commuters as well as local farmers had been demanding decongestion of the two stretches for quite some time now. In the absence of ramps, motorists not only have to travel more but also face congestions. “The two ramps will address the problem of congestion that motorists face at these two points on the Yamuna Expressway. Using the ramp proposed at Jewar, commuters will exit and entry the expressway easily. Similarly, motorists coming from Agar and going towards Delhi will be able to use the proposed ramp at Bajna,” said Arun Vir Singh, chief executive officer (CEO) of the YEIDA. Last month, farmers from many villages, including Jewar, blocked traffic on the expressway, demanding construction of the ramp. The ended the protest only after the YEIDA promised to construct the ramp. “According to the procedure, we will hire a private agency and construct two ramps very soon. This will benefit the motorists a lot,” said the CEO. According to motorists who use the expressway regularly, in the absence of rampat jewer, they have to travel 70km extra and also pay an additional toll. “Jewar is a big town and thousands of commuters coming from Agra to Jewar and vice-versa have to travel Greater Noida to take a U-turn towards Jewar. But if a ramp is constructed, commuters will exit towards Jewar without travelling to Greater Noida, Also, now if motorists from Jewar want to go to Agra, they have to come to the other side. This causes congestion on the expressway,” said Amit Kaushik, a resident of Jewar. Using the ramp, a commuter will directly enter the Yamuna Expressway without going to the other side.Read More
Land of 21 villages to be utilized for industrial corridorPosted Date: 2016-06-10
The Greater Noida authority approved a proposal that will enable the Delhi Mumbai Industrial Corridor (DMIC) to notify 21 villages for the development of the industrial township.
The Greater Noida authority approved a proposal that will enable the Delhi Mumbai Industrial Corridor (DMIC) to notify 21 villages for the development of the industrial township. The notification will ensure that land in these villages can be used for the project. These 21 villages near Greater Noida’s Dadri area fall along the DMIC’s 1,483-km rail route from Greater Noida’s Maicha to Jawaharlal Nehru Port in Mumbai. It is being developed by the centre will help of funds from japan. “These 21villages were part of the Greater Noida’s master plan as it had notified them along ago. Now, the Greater Noida authority will denotify these villages. Subsequently, DMIC will notify the villages and use their land for the project,” said Deepak Agarwal, chief executive officer (CEO) of Greater Noida authority. Around 200 sq km area comes under these 21 villages. DMIC will have many large industrial townships along the rail route. One of the townships is being developed on 335-hectare land in Greater Noida’s Maicha village. Mumbai-based developer Shapoor ji Pallonji, which was awarded the project on January 9, 2016, began work on March 11. It is developing infrastructure such as road, drainage, sewer, water and power supply systems for the township near Maicha. “Industrial land under DMIC will have 2.5 global floor area ratio (FAR). It means the FAR in the industrial township will be governed by the global norms related to it,” said the CEO. Located in the Dadri-Noida-Ghaziabad investment region of the corridor, the township is expected to provide employment to thousands of workers. According to official, the township is to have 51% industrial area, 17% residential area, 7% area for commercial activities and the remaining area will be left for development of a green zone.Read More
Noida Greater Noida Metro line will be one of the fastest ever executedPosted Date: 2016-05-28
Santosh yadav, MD of Noida Metro Rail Corporation, said in an interview with Times Property that the fourthcoming 30km-long Noida - Greater Noida Expressway through sector 80 (Dadri Surajpur Road) to sector 137
Santosh yadav, MD of Noida Metro Rail Corporation, said in an interview with Times Property that the fourthcoming 30km-long Noida - Greater Noida Expressway through sector 80 (Dadri Surajpur Road) to sector 137 will be the second largest network in the country. “It will help improve connectivity, lower pollution level, reduce traffic congestion, improve safety and the overall growth of the region, “Yadav said, “With the permissible built-up area along the Metro corridor up, thousands of more housing units can be developed. As Metro provides green transportation, as opposed to other modes, it will be directly connected to housing societies through walking corridors,” Yadav said.Read More
Get ready for four smart cities along Yamuna e wayPosted Date: 2016-04-30
The Yamuna Expressway industrial development (YEIDA) that controls 165 km Yamuna Expressway, has made many announcements in last four years to boost urbanization in its two lakh hector area.
The Yamuna Expressway industrial development (YEIDA) that controls 165 km Yamuna Expressway, has made many announcements in last four years to boost urbanization in its two lakh hector area. However, the impact of these ambitious big announcements is yet to be felt on the really sector. On September 15, 2014, YEIDA had decided to develop four smart cities along Yamuna e-way, an entry-restricted road that connects Greater Noida with the international tourist hub of Agra. The four urban centres are expected to accommodate are excepted to accommodate people wanting to move to cities from villagers or coming to new urban area of employment. These new cities along the e-way are to be developed in Aligarh, Mathura, Agra and Hathras district areas located along this high-speed link. The UP government and YEIDA opened the e-way to public on August 9, 2012 but the authority yet to deliver a residential project to people. “These four urben centres project is at a very nascent stage. The authority is busy making drawings for these projects. It takes a long time to execute such big projects because of the approvals be taken from multiple authorities. But yes, these four urban areas will be better than what a smart city promises, “said RK Singh, additional chief executive officer (ACEO) at YEIDA. YEUDA had in 2014 announced its plans to develop a 11,100 hectors (half the size of Noida) urban centre (city) in the Tappal-Bajna area in Aligarh: an 8,910-hectare city in Raya of Mathura district; a 10,600-hectare city in Agra and 1,500-hectare city in Hathras. The authority had also said it would come up with a residential scheme by the end of 2015. According to officials, the total area under the Master Plan-2031 measures over two lakh hectares, and is expected to have a population of 21 lakh by 3031. This land to be urbanized is located along the E-way. The authority is yet to procure land for these four urban centres. “We have decided to directly purchase land from farmers from these projects. We will soon chalk out a plan and work out the timelines,” says Singh.Read More
No hike in land allotment ratesPosted Date: 2016-03-29
The Greater Noida authority has decided not to increase land allotment rates as a hike in land prices at this juncture would discourage land buyers in Greater Noida.
The Greater Noida authority has decided not to increase land allotment rates as a hike in land prices at this juncture would discourage land buyers in Greater Noida. Land allotment rate is a fixed value at which a local authority allots land to a buyer, including builders, industrialist and educational institutes etc. If allotment rates are increased, property rates for new projects go up. “We believe the prevailing land allotment rates in all categories, including residential, industrial and commercial properties, are a little high in Greater Noida. We have decided not to increase land allotment rates as of now because the current realty market sentiment does not support it. A hike at this juncture will further dampen buyers’ spirit,” said Deepak Agarwal, chief executive officer (CEO) of the Greater Noida Authority said on Monday. The Authority took the decision after the lukewarm response to its plot scheme at the prevailing rates. According to officials, the authority failed to get buyers for its open-ended industrial and commercial plot schemes. It had launched a scheme for 100 industrial plots in January 2016 and for 44 commercial plots in 2015. “The authority decided to sell commercial plots in the range of Rs. 46,000 to Rs. 60,000 per square meter. We have been able to sell only eight plots out of the total 44. Among the industrial lots too, we could sell only four plots out of 100. There is no point in increasing the allotment rate when buyers are not available in the market,” said Agarwal. The authority was supposed to increase its land allotment rate by this month. Last year, it had increased allotment rates from April 1 and in 2014 it had increased the rate on May 12. “We do not know when the rates will be increased next. As of now, no hike is planned. We will form a committee that will conduct a study in the market and tell us when we can think of a bringing in a hike and by how much,” said Agarwal. Welcomimf the decision to not increase land allotment rates, Anil Mithas, chairman and managing director (CMD) of the realtors Unnati Group and a member of confederation of real estate developers association of india (Credai) said, “Such an increase at a time when the realty market is already facing an economic slowdown would have further affected buyers sentiment. When there are hardly any sales in the realty market, a hike would have been a wrong decision. We need to win over buyers’ trust by not increasing land prices.”Read More
Rahul Gandhi assures support for real estate bill to homebuyersPosted Date: 2016-03-04
Congress vice-president Rahul Gandhi on Thursday met the representatives of flat owners’ associations of the twin cities and extended his support to the Real Estate Regulatory Authority (RERA) bill.
Congress vice-president Rahul Gandhi on Thursday met the representatives of flat owners’ associations of the twin cities and extended his support to the Real Estate Regulatory Authority (RERA) bill. The homebuyers of the twin cities have started a movement by uploading video messages on twitter to pass the bill. HT was the first to report about the online movement. The homebuyers had also planned a protest against Gandhi if the opposition halts the proceedings of Parliament in the Budget session blocking the RERA bill. “Gandhi told us not to worry and assured that the Congress party was never against the RERA bill. He said if the government tables the Bill in the Parliament, he will support it without ant second thoughts,” said Abhishek Kumar, president new era flat owners association (NEFOWA). The flat owners had started the movement ‘Fight for Rera’ online and created a hashtag ‘#passrerabill’ on twitter to tag video messages to all politician concerned. “Following his assurance, we have cancelled our protest against him, which was scheduled on March 5 at Jantar Mantar. Now we are trying to meet union urban development minister Venkaiah Naidu to convince him to table the bill in the Budget session,” said Shweta Bharti, member of flat owners’ association. Members of the flat owners association said they will meet everyone possible to get the Bill passed. “There is no rule to safeguard the middle class families’ entire life’s saving which they are investing to buy a flat. Ninety per cent of the builders here are defaulter and have delayed the possession,” said Abhay Upadhyay, member of the delegation of flat owners’ association which met Gandhi on Thursday. The RERA Bill proposes creation of state-level regulatory authorities whom homebuyers can approach with their complaints. This authority will be empowered to prosecute and punish real estate developers for deficiency in service. The bill was cleared by the cabinet last year but it was not tabled in the Parliament because of debates on various issues and the opposition disrupting the proceedings. The central Cabinet had passed the RERA Bill last year and it is pending to be cleared by Parliament. “It is the need of the hour. Its the job of the government and the opposition to assure a safe investment for homebuyers. Whoever is found blocking the Bill, we will stage a protest against them,” said Indrish Gupta, a member of the delegation.Read More
Affordable property price is Noida-Greater Noida's biggest USPPosted Date: 2016-02-23
Real estate experts point out that overall, the affordable prices of property in the Noida-Greater Noida region-much less than that in the Capital and Gurgaon-make it most lucrative for buyers.
Real estate experts point out that overall, the affordable prices of property in the Noida-Greater Noida region-much less than that in the Capital and Gurgaon-make it most lucrative for buyers. Bordering east Delhi, the Noida-Greater Noida region has become one of the most sought-after areas for those looking to invest in property in the National Capital Region (NCR). It is also one of the country's largest industrial suburbs. Major IT companies such as IBM, TCS, HCL, Tech Mahindra, Adobe and Dell, and power companies including Reliance, NTPC, Tata Power and Indian Oil have their corporate offices here, making the region an employment hub. Presently, the property market in Noida and Greater Noida is divided into three pockets. The first pocket includes Sectors 74, 75, 76, 78, 79, 119 and 120. Proximity to the Metro rail is their biggest USP. Also, there are plenty of ready-to-move-in apartments in these sectors, which is another big draw for buyers. Prices are usually between Rs 4,500 and Rs 5,000 per sq ft.Read More
Gurgaon Becomes Affordable to All!Posted Date: 2016-05-04
Gurgaon is one of the most successful markets in the Indian real estate sector. It is the proper utilization of available resources that make city grow exponentially and reach a level that is dream for many.
Gurgaon is one of the most successful markets in the Indian real estate sector. It is the proper utilization of available resources that make city grow exponentially and reach a level that is dream for many. The planning and implementation in Gurgaon is state-of-the-art as the plans made have been laid down perfectly to create a plush for the subsequent development. Gurgaon’s proximity to South Delhi, one of the posh locations in India, also added to its advantage. The presence of an international airport in its vicinity proved to be an icing on the cake for Gurgaon real estate markets. This is one of the major reasons which inspired world-class multinationals to operate from Gurgaon. The rise of Gurgaon has been directly proportional to the country’s economic development. As more and more companies started expanding their operations, they wanted to operate closer to the National Capital. Delhi could not accommodate them. Delhi’s loss was thus, Gurgaon’s gain! Right from expressways to rapid Metro, from multinational organizations to international schools, from finely crafted sky-aravalis full of natural beauty, Gurgaon has it all. The growing business of e-commerce is also adding to this its glory. Be it a start-up food chain or an online grocery chain, it is mandatory for them to mark their presence here. Interestingly on a flip side, Gurgaon has a robust affordable realty market as well! Thanks to Haryana Government’s Affordable Housing Policy 2013 which helped developers plan affordable projects in a price range of Rs. 15 lakh to Rs. 25 lakh for 1-BHK and 2-BHK units. Affordable project sell like a hot cake: though margins are not too high, there is no problem of unsold inventories. This housing has made the city complete: it now has something to offer to every sections of the society, be it the affluent class or the aspiring young professionals who are aiming big in their life. Haryana Government’s Affordable Housing Policy has completed the real estate market of Gurgaon. Pradeep Aggarwal, chairman, Signature Global Group, says, “The recent approval to Real Estate Regulatory Bill in the Parliament has further widened the scope of affordable realty in city of Gurgaon. The Bill provisions the formation of Real Estate Regulatory Authority or RERA which will supervise overall activities and help streamlining the approval mechanism.” Lalit Aggarwal, JMD, Signature Global Group, shares, “I will put the RERA bill this way, whatever we were practicing has now become a law.”Read More
Real Estate Bill to be reality in Budget session itself: Venkiah NaiduPosted Date: 2016-03-08
Urban Development Minister Venkiah Naidu today expressed confidence that the Real Estate Bill will become a "reality" during the ongoing Budget session of Parliament.
Urban Development Minister Venkiah Naidu today expressed confidence that the Real Estate Bill will become a "reality" during the ongoing Budget session of Parliament. "Real Estate Bill is going to be a reality in this Budget session itself. I am holding discussion with all stakeholders," he informed domestic and global investors at the 'Happening Haryana' conclave here. Stressing that the law would be a "regulation and not strangulation", he said, "nobody should worry except the fly-by-night operators". "We are also working on ease of doing business and ease of approval and permission. We have got positive signals from all parties," the Minister said. The Real Estate Bill is pending in Parliament. Last week, the Congress wrote to Prime Minister Narendra Modi and Naidu, asking them to pursue the bill passed in the first leg of Budget session of Parliament. Real Estate (Regulation and Development) Bill was introduced in Rajya Sabha in 2013. It was referred to the Standing Committee which submitted its report in February, 2014. After the NDA government was formed, the bill was again referred to a Select Committee of Rajya Sabha, which submitted its report on July 30 last year. The proposed real estate law is aimed at protecting the interest of the buyers and sellers. The Cabinet had in December 2015 cleared 20 amendments to the bill which seek to regulate transaction between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities. Naidu also assured all help to Haryana for infrastructure development in the state.Read More
Unitech asked to refund Rs 4cr to 6 home buyers for delayed projectsPosted Date: 2016-02-27
The National Consumer Disputes Redressal Commission (NCDRC) has directed leading real estate developer, Unitech Ltd to refund amount of nearly Rs 4 crore to a group of buyers for delay in delivering homes to them in Gurgaon.
The National Consumer Disputes Redressal Commission (NCDRC) has directed leading real estate developer, Unitech Ltd to refund amount of nearly Rs 4 crore to a group of buyers for delay in delivering homes to them in Gurgaon. The buyers had approached the commission after the developer failed to give them possession of apartments, under its Vistas project in Sector 70, as per the agreement signed more than five years ago. The builder was supposed to give possession within 36 months from the date of the agreement. “The opposite party (Unitech) is directed to refund the amount paid to it by the complainants along with compensation in the form of simple interest at 18% per annum calculated from the date of each payment till the date the said amount is paid along with the interest in terms of this order,” Justice VK Jain, Presiding Member NCDRC and Dr BC Gupta, Member NCDRC said in the order passed earlier this week.Read More
Bhiwadi promises great futurePosted Date: 2016-07-24
Affordable prices, sound infrastructure, connectivity, and a promising future have made Bhiwadi and the surrounding areas a haven for the real estate market.
Affordable prices, sound infrastructure, connectivity, and a promising future have made Bhiwadi and the surrounding areas a haven for the real estate market. With impressive infrastructure, plenty of job opportunities, a wide array of recreational and education facilities, and overall high standard of living, Bhiwadi is now one of the most attractive housing destinations for a cross section of people. Only 45 minutes from Gurgaon, along NH-8, Bhiwadi's strategic location has led to its current development; the town, too, is now playing a pivotal role in contributing to Rajasthan's economic development. Indian industrial giants and MNCs like Mahindra, Pepsi, Bausch & Lomb, Gillette, Honda Ceil, etc, have set up base in this fast developing town while new international players in automobile and ancillaries, steel, and electronics sectors are also keen to stamp their presence in Bhiwadi. Bhiwadi's prime advantage is its connectivity with Delhi, Gurgaon, and other adjoining areas. It is 55kms from IGI airport and 40kms from Gurgaon. The Delhi-Jaipur highway (NH-8) is 5kms from the town and connects it to Manesar, Bawal, Alwar, and Neemrana. Apart from enjoying excellent connectivity with top real estate hotspots of the NCR, Bhiwadi forms a nodal investment destination along with Khushkhera and Neemrana--along the 1,483km-long Delhi-Mumbai Industrial Corridor (DMIC). A proposal has been made recently to connect this township with Delhi through a bullet train service, which would cut down travel time to 45 minutes for commuters. Even now, Bhiwadi offers seamless connectivity to its residents with congestion-free roads and efficient transportation to nearby areas. The Rajasthan State Industrial Development and Investment Corporation (RIICO) is also supporting the growth of Bhiwadi through major investments in infrastructure. To add to all this, the new master plan of Greater Bhiwadi for 2031 has grouped Bhiwadi, Tapukara, and Khushkhera into a prime development entity called Greater Bhiwadi Complex (GBC). This complex is slated to receive a major infrastructural boost in the form of roads, transportation, water and sewage facility, educational institutions, etc. The master plan has a stated objective of phased development of GBC and connect these industrial complexes with NH-8 for overall growth. Tens of thousands of jobs are at hand in GBC with a study reporting that over 2,500 companies from India and abroad have chosen GBC as their base. A number of arterial roads, apart from the MRTS (Mass Rapid Transit System) and RRTS (Rapid Regional Transport System) of the NCR, intra and inter-city transport through an inter-state bus terminal and a Transport Nagar have been proposed for this township. The Rewari-Bhiwadi-Palwal railway line, with a station at Bhiwadi, has also been integrated into the master plan. This rail link is expected to strengthen the regional connectivity by linking Greater Bhiwadi with DFC station at Rewari. According to the NCR Planning Board, GBC will have 128 housing sectors apart from schools, dispensaries, commercial complexes, parks, stadiums, and community centres. Major real estate players like Ashiana Housing, Krish Group, Fairwealth, Avalon, BDI, Genesis, Innovative Group, Cosmos, Jagrit Infrastructure, Kajaria Infrastructure, Kingfisher, Konark Builders, MVL, etc, have already launched and delivered several projects here. Here most of the projects are along the Alwar Bypass Road, which is directly connected to NH-8. Ashiana Housing has one of the largest project inventories in this area like Ashiana Aangan, Ashiana Town, Tree house Residency, Ashiana Surbhi, etc. This group has been managing and maintaining group-housing complexes for over 20 years with nearly 6,524 housing units delivered. Krish Group, with 11 projects under its belt, is another major player here and has recently completed gated-community projects--Krish City 1 and Krish City 2. S K Singhal, chairman of Krish Group, says: "Bhiwadi's market is in a consolidation phase with developers here focusing on completion and delivery of their projects. Currently, we have a buyers' market and actual users are snapping up flats at bar gain prices, which is below today's replace ment cost." Fairwealth Group has Breeze Houses on Al war Bypass Road in Tapukara, Greater Bhiwadi, in the price range of Rs 2,500 to Rs 3,200 per sq ft. "Commodity prices of cement, steel, wood, and other building material are picking up, which indicate that prices of flats will start moving up soon. Thus, it is the right time for actual users to grab this opportunity in Bhiwadi," S K Singhal says. Vishal Gupta, MD of Ashiana Housing, says: "Bhiwadi's strategic location and serene surroundings are sure to attract investors from neighboring areas. The town is undergoing major transformation as far as real estate is concerned and most of the current projects will be completed in the next two years. Bhiwadi will provide huge returns on investment in terms of capital appreciation and hand some rental values."Read More
All Permits Within 60 Days!Posted Date: 2016-07-23
Union urban development minister Venkaiah Naidu said Prime Minister Narendra Modi explicitly wanted all clearances in the real estate sector to go online, through a single window, so as to end all human interface in these transactions.
Union urban development minister Venkaiah Naidu said Prime Minister Narendra Modi explicitly wanted all clearances in the real estate sector to go online, through a single window, so as to end all human interface in these transactions. Union urban development minister Venkaiah Naidu said the real estate sector will soon look up. "There are certain apprehensions about market itself, which is yet to pick up. But, now, as the economy is picking up, I am confident that the real estate sector also will pick up,'' Naidu said. In order to improve sentiment in the sector and to increase transactions, the central government has written to the states to reduce stamp duty on registration of houses. "I have just written to all the chief ministers with regard to the need to reduce stamp duty,'' Naidu said. "Stamp duty, originally collected to maintain the registers, has now become a source of revenue," Naidu said, adding: "Levy of high stamp duty on affordable housing will increase the burden on poor people, most of whom would be buying their first house. In some states, the stamp duty is as high as 10%, which affects the buying capacity of these people." The UP government has raised the stamp duty to 7%, from the current rate of 5%, in Noida, which is yet to be enforced. A two percentage point increase in rate will raise the liability of a Rs 50 lakh house by Rs 1,00,000. Naidu, while addressing an event, Finance for Housing for All by 2022, organised by Assocham in New Delhi on July 20, said that in his letter to the chief ministers, he explained all the aspects of high stamp duty and its negative impact on the buying capacity of an end user. He said some states responded positively. The government, Naidu said, wants to come out with more measures to promote the housing sector and that modernization and digitization of land records would go a long way in this effort. Naidu said that Prime Minister Narendra Modi explicitly wanted all clearances to go online, through a single window, so as to end all human inter face in these transactions. The current regime entails a minimum of three years for the grant of all approvals in the construction of a housing project, which raises the final cost of houses by around 25-30%. "My personal feeling is that all permissions, together, should be disposed of within 60 days. The idea is to have online applications and permissions. I have started this in Delhi, which the Delhi government has accepted. I have also started it in Mumbai," Naidu said. This will go a long way in containing the costs and help increase the supply of houses. Naidu also stressed the need for increased supply of houses in the affordable range. He said the government would extend subsidies like Rs 1.50 lakh for the construction of every EWS house, and an interest subsidy of 6.5% for 15 years, on a home loan of up to Rs 6 lakh. "We are going to extend this interest subsidy even to private sector, provided they select beneficiaries through the state agencies," Naidu said.Read More
Dwarka Expressway gets a big boostPosted Date: 2016-06-05
Providing a much-needed boost to the stalled realty projects along the Dwarka Expressway, Minister for Road Transport and Highway Nitin Gadkari recently announced to give National Highway (NH) status to Dwarka Expressway.
Providing a much-needed boost to the stalled realty projects along the Dwarka Expressway, Minister for Road Transport and Highway Nitin Gadkari recently announced to give National Highway (NH) status to Dwarka Expressway. This will rekindle hopes of homebuyers who have invested their money here and are awaiting possession of their homes. Experts as well as developers are hopeful that the decision will help speed up the process of development in the segment, where a number of issues including land acquisition have stalled the process of growth for some time now. Expert suggestion that the decision will expedite the land acquisition process, a major hurdle so far. Dwarka Expressway (also known Northern Peripheral Road) connecting Gurgaon to Dwarka is one of the most important areas in NCR from real estate perspective. Dwarka Expressway ids third direct connection between Delhi & Gurgaon (after NH-8 and MG Road), and a number of real estate projects have come up in the area. But that’s not all –this road has a greater national significance. It is an integral part of the Mumbai-Delhi Industrial Link Corridor. Sanjay Dutt, managing director, India, Cushman & Wakefield says that once Dwarka Expressway is notified as National Highway, National Highway Authority of India (NHAI) will take over the project. “This will help expediting the completion of the project which has been stuck due to land litigation issues. Land acquisition could then be done in a much shorter period under the National Highway Act. This is a huge boost for the real estate scenario of the Dwarka Expressway as it is the spinal infrastructure of the region. With clarity on the completion of expressway, developers are likely to notch up construction speed in the projects and endeavour to offer possession close to the completion of the expressway.” On a possible price appreciation following the decision to give it the status of NH, Dutt says, “ The move lead to price appreciation in line with the on-ground progress on completion of the expressway. With subdued sentiment, the announcement is less likely to have an effect on capital values.”Read More
Residential real estate: Favorable economic conditionsPosted Date: 2016-05-22
India’s residential property market has been going through turbulent times for past few years. However, things are looking up now with changes in the economy and various initiatives announced by the government.
India’s residential property market has been going through turbulent times for past few years. However, things are looking up now with changes in the economy and various initiatives announced by the government. To understand how various market forces have been making an impact, it is essential to look at the overall economic scenario in the country. Economic performance FY 2015-16 saw Indian economy become the fastest-growing in the world with a GDP growth of 7.6 per cent. This, despite adverse global economic circumstances that put a lot of pressure on earnings, exports and overall development. The government was able to contain the fiscal deficit to the budgetary target of 3.9 per cent, and is working on lowering it further to 3.5 per cent in FY 2016-17 RBI has cut the key interest rates by 1.5 per cent since January 2015, and the repo rate has come down to 6.5 per cent. This has started showing a visible positive impact on the economy. Industrial growth crawled back into the positive zone at 2.1 per cent in March 2016, crude oil prices stabilised at a favourable price band for India, CPI inflation decreased further at 4.83 per cent, and there are more-than-optimistic expectations for a good monsoon this year. Factoring all this in, the Indian economy looks well poised to grow at a healthy rate of 7.7-7.8 per cent. Though lower than expectations, inherent weaknesses in the system and inadequate infrastructure development continue to impede faster growth. FY 2015-16 saw traction in urban demand, and the current financial year is expected to usher in growth in the rural economy on the back of favourable monsoons. Agriculture contributes 15 per cent to the country’s GDP; and with 2016 being declared a ‘La Niña’ year, further growth is more or less assured. The impact of La Nina phenomenon on our economy is noteworthy. The average growth in GDP/private consumption/investment on a year-on-year basis is 8.9 per cent/7.4per cent /10.4 per cent during a La Niña year, compared to average growth of 5.8per cent /5.2per cent /7.2 per cent on a y-o-y basis in a non-La Niña year The signs of economic revival, along with foreign investment coming in the country, are evident in the share market offering 14 per cent returns over a 15-year period ending in March 2016. FDI increased in the country by a whopping 37 per cent during FY 2015-16, going up to $39.2 billion from $28.78 billion in the previous FY. Judging by how the economy is moving, there is definitely a rationale for positivity in terms of business performance. Let us take a closer look at how the residential real estate sector has been performing, and what lies ahead: Real estate performance so far The real estate sector saw the worst phase in 2015-16 with sales and prices plummeting. High inventory levels, diminished demand and limited liquidity impacted new launches, as well. As per statistics, new residential project launches reduced by 6 per cent in Q1CY16 over Q4CY15. For FY 2015-16, the number of new launches stood at 1,81,294 units compared to 2,16,082 units in FY 2014-15, equalling a drop of 16 per cent Overall residential sales were down in the FY 2015-16 compared to FY 2014-15. As per recent data, 1,58,211 units were sold in FY 2015-16 vs 1,61,875 units sold in FY 2014-15, which is a drop of 2.2 per cent. However, a positive twist to this otherwise grim situation is the rise in sales in Q1CY2016. This quarter saw a sale of 42,521 units compared to 39,001 units sold in Q4CY2015 – an increase of 9 per cent. The road ahead: Trends are beginning to change basis expectations of a good monsoon, revival in the economy, reducing inflation and the fact that residential prices have bottomed out. Also, the improving regulatory environment in the real estate sector, coupled with schemes like Smart Cities, AMRUT and ‘Housing for All by 2022’, are beginning to have a positive influence. Additionally factoring in banks’ passing on of interest rate cut benefits to the ultimate consumers, the residential sector is all set for rebooted growth. Where prices are concerned, there was stagnation or at best a modest rise by the end of FY2015-16. While Lucknow saw an increase of 16.1 per cent in the prices in Q3FY2015, NCR saw a price correction of 5 per cent during April-June, 2015. Going forward, prices are expected to rise modestly. The setting up of the Real Estate Regulatory Authority to ensure time-bound delivery of projects and more efficient and transparent dealings with developers point towards consumers gaining trust and coming back to investing in the market. A convincing start has been evidenced by the affordable housing segment, with this category witnessing increased traction on the peripheries of the major cities. Of the total sales, 60 per cent of the properties were priced below Rs. 5000/sq.ft. in FY 2015-16. Global factors do have an impact, but low inflation rate coupled with low interest rates and a surging economy will doubtlessly induce faster grow in the residential real estate sector in the mid-to-long term. Various additional factors point towards a more positive sentiment, including the stimulus that the recent Union Budget provided to both the supply and demand sides, improved funding for the industry and the clearing of roadblocks on REITs. The most convincing signs of revival should be visible in the last quarter of 2016 or by the first quarter of 2017.Read More
GREEN NORMS TO BENEFIT BUYRESPosted Date: 2016-04-17
According to a study by us green building council (USGBC), Which is responsible for certifying LEED building In India, green building industry in India will grow by 20 per cent by 2018,
According to a study by us green building council (USGBC), Which is responsible for certifying LEED building In India, green building industry in India will grow by 20 per cent by 2018, thanks largely to environment regulations and demand for healthier neighborhoods. Of late, developers have been more particular about not violating any green norms following court order that on a couple of occasions have fined defaulters. By a more determined adoption of the concept of sustainable development, any violation of green norms may be avoided, Anuj Puri. JLL India, says “The fact that the number of certified green building in India has surged over the last four to five years is direct indication to the growing popularity of the suitability` concept“ The growth story of sustainable real estate development in India depends on consumers proffering demand for much as on developers generating supply of green building. Puri further adds, “Homebuyers need to be convinced that their total ownership cost, including maintenance, over the life cycle of the property will actually imply significant savings. Also developers and consumers of green real estate must become more sensitized to their contribution to sustainable living long term.” A Tata Housing spokesperson says, “while it is known that green technology is key to India`s Sustainable and clean future, there is immediate need to sensitise developers towards adopting these methods in construction.” Arjunpreet Singh sahni excecutive directior, solitarian Group shares similar Views, “Achieving sustainable and eco-friendly project development gas gained much Greater prominence in the wake of deteriorating environment and environment protection is a responsibility of all the stakeholders. If followed carefully, this process will definitely help buyers to get a better Lifestyle and a stress-free Living”Read More
SINGLE WINDOW Clearance in DelhiPosted Date: 2016-04-02
Finally, builders and developers need just one online application-that too from a single government body-to obtain building plan approval in the national capital, instead of submitting up to 15 applications
Finally, builders and developers need just one online application-that too from a single government body-to obtain building plan approval in the national capital, instead of submitting up to 15 applications and approaching nearly a dozen agencies. Also, recording to the unified building by laws for Delhi, announced by union urban development ministry on Wednesday, the nodal authority has to decide on the application within 30 days. The DDA started its implementation from Wednesday itself while the three municipal corporations will soon notify it. Releasing the new policy, urban development minister M Venkaniah Naidu hoped other states would follow the Delhi model to bring relief to citizens. Offering a major relief to owners of plots measuring up to 105 sq meters, the bylaws do away with the need to obtain sanction of the building plan. The owner just needs to submit an undertaking intimating about the construction along with the fee. “if the undertakings are found to be false at any time, this will amount to demolition of the building,” Naidu said.Read More
Realty shares gain as Rajya Sabha passes Real Estate BillPosted Date: 2016-03-11
Shares of real estate companies were trading higher on the bourses after the Rajya Sabha on Thursday passed by voice vote a real estate regulation Bill, aiming to protect homebuyers from erring developers
Shares of real estate companies were trading higher on the bourses after the Rajya Sabha on Thursday passed by voice vote a real estate regulation Bill, aiming to protect homebuyers from erring developers besides bringing transparency in the sector. Among the individual stocks, Zandu Realty soared 11%, while Ajmera Realty & Infra India and Kolte-Patil Developers have rallied 9% each.DLF, Housing Development & Infrastructure (HDIL), Phoenix, Indiabulls Real Estate, DB Realty, Anant Raj Industries, Oberoi Realty, Sobha and Godrej Properties were up between 2%-4% on the BSE. At 09:33 a.m. the S&P BSE Realty index was up nearly 3% as compared to 0.31% rise in the S&P BSE Sensex. This Act will lead to the creation of regulator for the real estate sector to protect the interest of buyers by providing a uniform regulatory environment. This will also ensure a level field for developers. According to CRISIL Research, the Act will improve buyer confidence and boost demand for residential real estate. It incorporates mandatory disclosure clauses, which would provide greater clarity on project standards and timelines for completion. For developers, while this Act implies stricter regulatory control, it will also translate into better demand, as buyer confidence improves. In terms of supply, delays in handover of projects are likely to decline as clauses mentioned in the Act mandate strong commitment from developers to complete projects as per schedule, added report. “The passing of Real Estate Bill, 2016 in Rajya Sabha is a landmark step towards enhancing the credibility of construction industry by bringing in transparency and accountability in execution of projects. The passing of bill should enable timely approval and execution of projects which will raise the confidence of consumers and also give a huge boost to the growth of real estate sector”, said Mr. Harshvardhan Neotia, President, FICCI.Read More
Real Estate bill cleared in Rajya SabhaPosted Date: 2016-03-11
A bill seeking to regulate the real estate sector, bring in transparency and help protect consumer interests was passed by the Rajya Sabha today. The government has incorporated some of the recommendations made by the Rajya
A bill seeking to regulate the real estate sector, bring in transparency and help protect consumer interests was passed by the Rajya Sabha today. The government has incorporated some of the recommendations made by the Rajya Sabha Select Committee. Moving 'The Real Estate (Regulation and Development) Bill, 2015' for consideration and passage, Urban Development Minister M Venkaiah Naidu said it aims to protect the interests of buyers and bring more transparency in the sector. The Congress had extended its support to the Bill, which was passed by a voice vote in the House. It is touted as a major reform measure to regulate the vast real estate sector and bring order in it. "The Bill is need of the hour," Naidu said, responding to clarifications by members saying it can see further changes in the coming times. He also sought the support of AIADMK members, who had opposed the measure. In a much-needed relief for home-buyers, the Rajya Sabha is likely to pass on Thursday the Real Estate Bill, a law that seeks to regulate a sector that lacks clarity and is riddled with consumer disputes. In the run-up to the Budget Session, there have been enough indications that the bill pending since 2013 will get passed, though the opposition parties and the ruling NDA are yet to see eye to eye on most political issues. Here's is an all you need to know about the bill: 1) The the Real Estate (Regulation and Development) Bill regulates transactions between buyers and promoters of real estate projects and sets up state-level regulatory authorities to oversee the sector, according to PRS Legislative. 2) The Bill was approved for introduction in the Rajya Sabha by the UPA Cabinet in June 2013. However, it was referred to the Standing Committee which submitted its report in February 2014. After the NDA government was formed, the bill was again referred to a Select Committee of Rajya Sabha, which submitted its report on July 30 last year. In December 2015, the cabinet approved the Bill, as reported by the Select Committee of Rajya Sabha. The NDA government had earlier watered down a few provisions in the bill, to which the Congress objected. 3) Salient features of the Bill are as follows: a) The Bill regulates both commercial and residential real estate projects. It seeks to set up Real Estate Regulatory Authority (RERA) in states and union territories to oversee real estate transactions. b) It makes registration of real estate projects and real estate agents with the authority mandatory. It mandates that builders should disclose details of all registered projects, including those about the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc. All these details should be uploaded on the website of the RERAs. Real estate agents also need to register with the RERAs. c) PRS notes that the bill makes it mandatory for the builders to park 70% of the amount collected from buyers for a project in a separate bank account. This must only be used for construction of that project. However, The state government can alter this amount to less than 70%. d) It seeks to establish fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal. The bill bars civil courts from taking up matters defined in it. However, consumer courts are allowed to hear real estate matters. There are 644 consumer courts in the country. The more avenues for grievance redressal would mean lower litigation costs for the buyers. Promoters are barred from changing plans and design without consent of consumers. e) If the promoter does not register his property, he will have to pay up to 10 percent of the project cost as penalty. If he dodges order issued by the RERA, he faces imprisonment for up to three years, and/or an additional fine of 10% of the estimated cost of the project. In case the builder violates any other provision of the act, he will have to pay up to 5 percent of the estimate cost of the project, reckons PRS Legislative. Meanwhile, the fine for the agents is Rs 10,000 per day during the period of violation of provisions. 4) Once in place, the bill is expected to boost consumer confidence as it is expected to ring in transparency in the sector. At present, a slowing down home sales is taking a toll on the economic revival. According to consultancy firm Knight Frank, home sales have declined 4 percent in 2015, with an unsold inventory of about 7 lakh units. In the run-up to the Budget session, there have been considerable noise regarding passage of the bill that seeks to protect the home-buyers' interest. The Congress has written to PM Narendra Modi seeking to take up the bill on priority basis. Vekaiah Naidu has also said that the bill will be a reality in the Budget Session itself.Read More
Affordable budget for the realty sectorPosted Date: 2016-03-06
The much anticipated Union Budget 2016-17 has been finally announced but has failed to meet the key expectations of the Real Estate Sector, barring the affordable housing segment.
The much anticipated Union Budget 2016-17 has been finally announced but has failed to meet the key expectations of the Real Estate Sector, barring the affordable housing segment. Hopes were very high as this was supposed to be the current government’s second extensive Budget along with mega announcements already made for Smart Cities, AMRUT and infra revamp across the nation. The budget has come out with spinoff benefits for the sector, but, at the time, missing out on big decisions. Reactions: There are mixed reactions to the Union Budget from the developers. Manoj Gaur. President CREDAI NCR, says, “The budget has focused on some key issues, which is positive for real sector. It is clear that government is keen to give a boost to affordable housing segment, being also in line with government interactive to provide housing to all buy 2022. 100 Percent service tax exemptions has been given to make house up to 30 sq m in four mentors and up to 60 sq m in others. Pradeep Aggarwal, chairman, Signature Global, says, “This is the first time affordable housing has been defined in terms of the size of a unit and not on the basis of unit price. It reflects the intent of the government and its seriousness towards housing for all by 2022.” RK Arora, chairman, Supertech, Point out, “The budget is disappointing one for the real estate sector. The only big relief announced in the budget for the real estate, is exemption of Rs. 50,000 for housing loans up to Rs 35 Lakh and that too on house coasting up to Rs. 50 lakh. Mr. Avneesh Sood, Director, EROS Group, “There has been considerable push provided to the basic infrastructure in the country which will provide the much needed cushion for real estate to prosper.” Mr. Kushagr Ansal, Director, Ansal Housing, describes the budget as one of the most balanced budgets for the Indian real estate sector. “One side we saw the absence of government’s role for timely approvals of the projects through single window clearance, but making REITs fully functional and removing DDT from it, will be a big add for the future demand.” Mr. Vikas Bhasin, MD, Saya Group, is of the view the government has left no stones unturned in the budget for promoting its Housing for all mission. “The developers will now have to shift gears and expand their avenues by introducing more affordable housing projects to reap out the highest benefits. Also, the rental housing demand is sure to pick up in the sector which will now promote the development of more 1 and 2 BHK units.”Read More
Why is Delhi government dragging its feet on land pooling policyPosted Date: 2016-02-13
The Aam Admi Party (AAP) has an important question to answer. Why, when it is trying to fast track the regularisation of about 1,200 unauthorised colonies in Delhi, is the party refusing to take a clear stand on the land pooling policy (LPP) Hot Properties - Affordable homes . 2 Year Assured Rentel. Pay 5% Rest On Hand Over
The Aam Admi Party (AAP) has an important question to answer. Why, when it is trying to fast track the regularisation of about 1,200 unauthorised colonies in Delhi, is the party refusing to take a clear stand on the land pooling policy (LPP) which has the potential to create 25 lakh to 30 lakh housing units with modern facilities in Delhi? The sad truth is that thousands of buyers are also in the danger of losing their money as unscrupulous parties are selling them land and properties as part of LPP. According to a rough estimate drawn up after discussions with several stakeholders in Delhi Development Authority’s (DDA) LPP, HT Estates has reason to believe that various corporate houses, developers and individual buyers have in all probability spent Rs 30,000 crore on buying land from farmers in the past few years. This huge corpus remains locked up due to lack of clarity on the part of the Delhi government causing severe financial inconvenience to the parties concerned. Another matter that has come to light is that when the mandatory provisions of the LPP have not been completed, builders or brokers can in no way advertise projects related to it. Under the LPP, land parcels owned by individuals or groups are legally consolidated by transfer of ownership rights to the designated land pooling agency. The agency then transfers ownership of part of the land back to the landowners for developing such areas. Some developers and land owning groups, it is learnt, have also been luring homebuyers to invest in apartments in land pooling zones. When the mandatory provisions of the LPP have not been completed, builders and brokers can in no way launch and advertise projects related to it. Till now, according to another estimate, more than 10,000 homebuyers have already paid the booking amount, ranging between Rs10 lakh and Rs 20 lakh, for apartments in agricultural areas the land use of which has yet to be changed to residential. Experts say that land in seven LLP zones – L, J, K1, K2, P1, P2, N – measures 75,000 acres, out of which, if a conservative view is taken, 25% to 30% (18,000 to 22,000 acres) land has already been bought by several corporate houses, developers and individual buyers from farmers. If land cost is roughly calculated at Rs1.5 crore per acre, the money to purchase land comes to around `27,000 to `35,000 crore. “The land pooling policy files have been lying with the Delhi government for more than six months but no decision has been taken on the matter. This is the file which contains Delhi’s future development plan, with costs estimated at more than Rs 1 lakh crore for housing for more than 20 lakh families in highly regularised modern group housing colonies,” says Sudhir Dabas from Saffron-Land Realty Ventures Private Limited, a company which provides consultancy on land pooling. It is “unfortunate,” Dabas says, that while the economy is “begging for more inflow of investment in key sectors, about `30,000 crore of investor money is held up in land pooling schemes. The funds could have otherwise generated a huge inflow of foreign and indigenous investment in the otherwise morbid real estate sector. The Delhi government must clear files or give reasons for its laxity.” Questioning the “inordinate delay” by the Delhi government, Ramesh Menon, director, Certes Realty, says not implementing the operationalisation mechanism of land pooling means a few “unscrupulous elements have got the opportunity to market apartments, which have no legal sanction whatsoever. The law which regulates raising of money from public entities, does not allow multi-state cooperative housing societies and welfare societies to collect money from the public for the purpose of real estate activities.” Many experts say that most selling agencies haven’t undertaken any due-diligence on these projects, and are myopically marketing these projects overseas, too, for selfish gains. These brokerage firms have endangered the hard earned money of unsuspecting consumers, who are most likely to lose not just the interest on their investment, but also the capital in many cases. “Many developers are advertising even facilities, amenities and design of apartment projects even though the mandatory provisions of the LPP are yet to be completed. Most seasoned investors have stayed away so the buyers at the bottom of the pyramid are being targeted,” says Menon. When the urban development ministry gave its nod to operational guidelines for LPP in May last year, lot of people thought the LLP would very soon become a reality. The next step would have entailed the conversion of 95 rural villages to urban villages under Section 507 of the Delhi Municipal Corporation Act (DMCA) 1957. According to Section 507 (DMCA), “The Corporation with the previous approval of the Government, may, by notification in the Official Gazette, declare that any portion of the rural areas shall cease to be included therein and upon the issue of such notification that portion shall be included in and form part of the urban areas.” Once the rural villages will become urban areas, Section 12 of DDA Act directs that these villages should be converted into development areas. “Once these two steps are completed by the Delhi government, DDA can invite land owning agencies to surrender land to the Authority,” says a senior officer from the DDA . When HT Estates wrote to Manish Sisodia, Delhi deputy chief minister, with a copy to the Arvind Kejriwal, chief minister, asking for reasons for the delay in notification for the conversion of 95 rural villages to urban areas, the mail was forwarded to special secretary urban development by GK Madhav, OSD to deputy chief minister, keeping this correspondent in the loop with a comment, “Please find the mail here to look into the matter. ATR/Status may please be sent to applicant.” Repeated attempts by this correspondent to get in touch with SS Gill, special secretary, urban development, who is associated with the LPP, proved futile as Gill disconnected his mobile phone when he was asked to clarify the status of the policy.Read More
Making Delhi a Smart CityPosted Date: 2015-08-23
On June 25, Prime Minister Narendra Modi will unveil the ambitious Rs. 48,000-crore Smart City project. For the Capital, the project is bound to catalyse urbanisation with several “Smart Sub-Cities” expected to come up in the future. The Centre has already cleared the decks for implementation of the project by introducing the “Land Pooling Policy”.Hot Properties - Affordable homes . 2 Year Assured Rentel. Pay 5% Rest On Hand Over
On June 25, Prime Minister Narendra Modi will unveil the ambitious Rs. 48,000-crore Smart City project. For the Capital, the project is bound to catalyse urbanisation with several “Smart Sub-Cities” expected to come up in the future. The Centre has already cleared the decks for implementation of the project by introducing the “Land Pooling Policy”. For Delhi, the biggest curse has been unplanned urbanisation. Failure to deal with rampant unauthorised construction along with multiplicity of authority has weakened any remote scope of “development through blueprints”. In fact, the situation is so watertight that the land-owning agency, Delhi Development Authority (DDA), has been unable to acquire a single additional plot for over a decade now. Further, Delhi’s population is expected to increase from 1.82 crore to 2.3 crore in just six years. In such a scenario, the only way is to look beyond the haphazardly developed city and focus on its fringes. The Land Pooling or Land Assembly policy will play a pivotal role here as it would make the concept of unauthorised colonies obsolete by bringing in fundamental changes in acquisition and development of land. It is expected that 20,000-25,000 hectares of land will be unlocked through this policy, thereby resulting in the creation of 24 lakh houses.Read More
NH 24: Your new home is herePosted Date: 2015-02-27
Infrastructure development and connectivity are the key elements needed for the growth of a real estate destination. Therefore, developers in the Delhi/NCR region feel that the expansion of the National Highway-24 (NH-24).
Infrastructure development and connectivity are the key elements needed for the growth of a real estate destination. Therefore, developers in the Delhi/NCR region feel that the expansion of the National Highway-24 (NH-24), also known as Delhi-Meerut Expressway, will not only improve the connectivity of various towns in the region with Delhi, but will also change the dynamic of the real estate market in the near future. 1. The widening of the Delhi-Meerut Expressway will start from Nizamuddin Bridge (T-Point) in Delhi and will continue on the existing NH-24 up to Dasna. 2. From Dasna there will be a new alignment up to Meerut. The alignment up to Meerut. The alignment will end on inner ring road/Meerut bypass near rail-way ceossing at Meerut. 3. Providing access to Ghaziabad, Noida and Greater Noida, NH-24, Once fully developed, will connect up to Meerut and Hapur.Read More
Real estate regulatory bill cleared by Lok Sabha as wellPosted Date: 2016-03-16
The Lok Sabha today cleared the Real Estate (Regulation and Development) bill which seeks to set up a regulatory mechanism for the real estate sector to protect the rights of home buyers
The Lok Sabha today cleared the Real Estate (Regulation and Development) bill which seeks to set up a regulatory mechanism for the real estate sector to protect the rights of home buyers by ensuring timely delivery by builders and providing options for recourse if there is a delay. The bill was passed by the Rajya Sabha on March 10 after remaining pending since 2013. After the bill was passed by the Lok Sabha, urban development minister Venkaiah Naidu tweeted: "Extremely happy that the Parliament cleared #RERABill, much awaited legislation in the Housing Sector." "I did my duty. States are given Power. Now States should follow it up with timely approvals... #RERABill." "Single window approval system is being developed for ensuring timely completion of housing projects #RERABill." Leader of opposition in Lok Sabha Mallikarjun Kharge said in the lower house that his party wants to pass the bill. Under the provisions of the bill, builders cannot advertise and sell homes till all approvals are in place and the project is registered with the regulatory authority that will be set up in every state, alongside appellate tribunals for dispute resolution. Even ongoing projects will have to register with the authority. At the time of the registration, the developer will have to disclose all project information including details of promoter, project plans, including implementation schedule, land status, layout plan, status of approvals, agreements, details of real estate agents, among many others, empowering buyers. Home buyers will also now be able to buy homes knowing the carpet area of the apartment rather than being sold based on the super built up area. Also both consumers and developers will now have to pay same interest rate for any delays on their part. The bill also mandates that builders deposit 70% of money collected from buyers into a separate account that will be utilized only for construction and payment for land, ensuring that money collected is not diverted to other projects or uses as has been the case with many builders in the past. With both the houses of the parliament clearing the bill, it will now be sent for approval to the President of India post which it will become a law. The government will first notify sections of the bill which deal with setting up of the regulatory authority, which is to be created within one year. After that other sections dealing with registration of real estate projects and real estate agents and functions and duties of promoters will be notified. The bill was necessitated by the massive delays in projects that home buyers have been facing over the last few years. Many buyers have been agitating against builders because of the delays as well as the one-sided nature of their contracts with builders.Read More
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